In late December 2024, the Romanian Energy Regulatory Authority (ANRE) granted approval for SOCAR Trading Gas & Power, a subsidiary of Azerbaijan’s State Oil Company (SOCAR), to engage in wholesale natural gas operations within Romania. This approval follows a previous agreement between SOCAR and Romanian state-owned gas company Romgaz, which ran from April 1, 2022, to March 31, 2024. Under the terms of this deal, Romgaz had the option to purchase up to 1 billion cubic meters of natural gas from SOCAR but ultimately did not exercise this option.
In addition to their natural gas dealings, SOCAR and Romgaz worked together on a feasibility study to explore the construction of a liquefaction plant in the Caspian Sea and a regasification terminal along Romania’s Black Sea coast. SOCAR has maintained a presence in Romania since 2011, primarily in the retail fuel distribution sector. Through its subsidiary, Socar Petroleum Romania, the company operates 79 petrol stations and four fuel depots, achieving a turnover of 540 million euros in 2023.
